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In recognition of Life Insurance Awareness Month, Tonya Rapley of MyFabFinance.com shares her story and 3 Reasons Why You Should Consider Getting Life Insurance.
I was raised in military household, which meant living with the imminent possibility of a parent being sent on an assignment and not returning home. For that reason, my parents were always insured. When I reached the age limit on my parent’s policy, my mother took out a small policy on me. As I began my first job, one of the only demands my mother requested of me was to purchase a life insurance policy. We all have our different reasons for insuring the ones we love, her reason was and still is reasonable to me…She didn’t want to have to beg for money to give me a proper burial.
I have seen numerous crowdfunding campaigns of parents requesting financial assistance to cover burial fees and other costs. Every time I hear this request I am reminded of my mother’s words.
As a sentient being, I understand the emotional justification for having life insurance. As a financial educator I understand the financial significance of having adequate life insurance. Here are three reasons I encourage you to consider getting life insurance.
- It helps provide a secure future
Life insurance becomes even more important if your loved ones depend on you for financial support. This is especially true if you are a single mother, the primary breadwinner, or contribute significantly to your family dynamic (such as stay at home parents since your presence in the home relieves the family of child care costs). The death benefit that accompanies life insurance policies can replace your income and provide the financial support your family will need in your absence.
- It allows you to create a legacy
Regardless of your socio-economic status, you can leave an inheritance by naming your dependents as the beneficiaries of the life insurance policy. When used properly, life insurance policies can be an intergenerational wealth building tool. The dependant(s) could use the money to pay for their education, start a business, or invest in … (continue reading 3 Reasons Why You Should Consider Life Insurance via MyFabFinance.com)
